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The Dogwifhat price jumped 43% in the last 24 hours to trade at $0.7587 as of 4:30 a.m. EST on trading volume that skyrocketed 32% to $158.4 million.
The token’s weekly chart shows an even more impressive 124% surge, most of which took place between Feb. 26 and 28. Prior to that, the token was trading sideways slightly above the support at $0.30.
In fact, Dogwifhat’s surge in the past two days allowed the token to reach a new all-time high (ATH) at $0.7722. The rally came as the new bullish momentum pushed Bitcoin’s price to $59.5k — less than $10k short of its own ATH.
The altcoin market responded, and the WIF price was no different, seeing a remarkable increase in value One trader became an overnight sensation after spending 4,900 SOL ($539k) to buy 1.43 million WIF only a day before the price went up. In total, the trader spent 14k SOL to buy 4 million WIF since February 16, leading to unrealized profits of over $582k, according to recent reports.
The price of $WIF increased by ~50% today!
A smart trader spent 4,900 $SOL($539K) to buy 1.43M $WIF the day before the $WIF price increased.
He has spent 14K $SOL($1.54M) to buy 4M $WIF since Feb 16 and the current unrealized profit is ~$582K.
The smart trader had made 1,443… pic.twitter.com/rUsq152S9u
— Lookonchain (@lookonchain) February 27, 2024
Dogwifhat Price Prognosis
Dogwifhat price has skyrocketed over the past two days following Bitcoin’s lead, which suggests that its surge might continue for as long as Bitcoin itself continues to lead the rally. Given the nature of the rally, technical indicators might not be a reliable way to predict what will happen next to the price of WIF.
However, many traders still tend to perform technical analysis and keep a close eye on the indicators, as they may still reveal something useful. For example,
WIF’s Relative Strength Index (RSI) has ventured deep into the overbought zone over the past several hours, reaching the value of 75 before slightly dropping to 71.81 as of the time of writing.
Meanwhile, the token’s Bollinger bands have seen significant widening during the same period. A high RSI score typically suggests an upcoming sell-off, as traders often move to take profit once the RSI reaches too high up.
On the other hand, wider Bollinger bands are a bullish signal, suggesting that there is still strong buying power pushing the token’s price up.
In other words, the rally is led by Bitcoin, and Dogwifhat is simply following, like many other altcoins. For the moment, it appears that its price encountered a strong resistance at $0.80, which stopped it from advancing further. However, if the rally continues, it is very likely that this resistance would break before long.
Alternatively, if a correction takes place, the token could see its price drop to $0.60, which is a strong support that WIF managed to secure late on Tuesday, February 27.
In the end, this is a period of strong volatility and uncertainty, with more dominant cryptos dictating the events, so the best that traders and investors can do is keep a close eye on the market events and sentiment and base their trading decisions on fundamental analysis.
Promising Alternative To Dogwifhat
If you are a fan of Dogwifhat, you should definitely consider Frog Wif Hat (FWIF), a new token expected to launch on Solana at some point in the near future. It has grand ambitions, including taking on meme coin titans Pepe ($PEPE), Dogecoin ($DOGE), and Shiba Inu ($SHIB).
This is a new meme coin that describes itself as follows: “Opping onto a scene where it’s normal to put ‘ats on animals, Frog Wif Hat wears le béret, a staple of French culture. Always carrying a baguette, often grumpy or drunk, frequently chain-smoking whilst displaying a deep disdain for Americans, ‘e’s crypto’s moodiest toad.”
It has a total supply of 1 billion tokens, all of which are in circulation. All you need to buy it is a MetaMask wallet and some ETH, USDT, or USDC.
Visit FWIF presale here.
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